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a month ago
1 Cheer
@nmoconnor You need to remove the Supporting Details option which carried over from 2024.
Either double-click in the box for miles or click on Edit at the top of the desktop program screen. Click ...
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@nmoconnor You need to remove the Supporting Details option which carried over from 2024.
Either double-click in the box for miles or click on Edit at the top of the desktop program screen. Click on Add Supporting Details. Click on the Remove at the top of the Supporting Details window.
a month ago
I am finishing up my 2024 taxes using TurboTax Desktop. For my residential rental property TT is using AMT depreciation deduction on my schedule E instead of regular depreciation. The MACRS uses the ...
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I am finishing up my 2024 taxes using TurboTax Desktop. For my residential rental property TT is using AMT depreciation deduction on my schedule E instead of regular depreciation. The MACRS uses the same percentage 3.636 for years 2 - 9 so my depreciation should be the exact same dollar amount for years 2-9. Taxes were done by a CPA for every year up until 2023 and 2024 is year 6. On my returns year 2 through 4, the regular depreciation was used and was the same value every year. In 2023, year 5, TT started doing the AMT depreciation but I didn't catch it. The AMT depreciation is higher than the regular depreciation. Mathematically the AMT depreciation will reach the depreciable basis prior to 27.5 years. TT is calculating the regular depreciation correctly so all the data was entered the right way. How can I fix this so the regular depreciation amount is used on my Schedule E? Maybe I should mention that I do not owe AMT. I read IRS publication 527 which basically describes using the MACRS tax tables. If I go into an Asset Worksheet, line 43 is a yes no question that asks to use IRTS tables for MACRS property. Turbo tax has this checked No for my rental properties. Why? It should be a Yes. If I change it to a yes, the AMT section removes the adjustment and shows AMT depreciation to match regular depreciation. However, the actual Schedule E still shows the AMT depreciation. Maybe I need to restart things to let the math work all through the system?
a month ago
8 Cheers
see latest from @DianeW777 - "The work on that section of TurboTax (Rental and depreciation of rentals) is still in process. The updates are now scheduled to be released with next week's updates, whi...
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see latest from @DianeW777 - "The work on that section of TurboTax (Rental and depreciation of rentals) is still in process. The updates are now scheduled to be released with next week's updates, which usually come through Thursday night. " https://ttlc.intuit.com/community/taxes/discussion/re-rental-property-depreciation-not-available-as-of-2-1-2025/01/3776732#M1403586 IRS released instructions for this form on 2/11 https://www.irs.gov/pub/irs-pdf/i4562.pdf
a month ago
Did you buy a License Code for the Desktop program or the Online version? If you bought the Desktop download program did you install it? If you switch to the Online version you have to pay ...
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Did you buy a License Code for the Desktop program or the Online version? If you bought the Desktop download program did you install it? If you switch to the Online version you have to pay for Online separately. It is not the same as the program you bought. Are you on a Mac or Windows? We can try to help you start the program on your computer. I just saw a post about applications.
a month ago
Adult son lives at home and does not work
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a month ago
The “senior deduction” is added automatically by the software based on the date of birth and filing status you entered into MY INFO. You do not need to take any extra steps to enter it. (And…the new...
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The “senior deduction” is added automatically by the software based on the date of birth and filing status you entered into MY INFO. You do not need to take any extra steps to enter it. (And…the new senior deduction has nothing to do with whether you are getting Social Security)
The deduction is not on the same line as your standard deduction. It is shown separately.on line 13b.
2025 STANDARD DEDUCTION AMOUNTS
SINGLE $15,750 (65 or older/legally blind + $2000)
MARRIED FILING SEPARATELY $15,750 (65 or older/legally blind +1600)
MARRIED FILING JOINTLY $31,500 (65 or older/legally blind + $1600)
HEAD OF HOUSEHOLD $23,625 (65 or older/legally blind + $2000)
For 2025 through 2028 there is an extra deduction amount of up to $6000 per individual 65 or older filing Single, MFJ, or HOH which is phased out for taxpayers with modified adjusted gross income over $75,000 for single filers and $150,000 for joint filers.
(The deduction phases out completely at $175.000 Single or HOH, or $250,000 joint)
The $6,000 senior deduction will be calculated on 1040 Schedule 1-A page 2 Part V Enhanced Deduction for Seniors which goes to 1040 line 13b. It is separate and in addition to the Standard Deduction or your Itemized Deductions on 1040 line 12e. Turbo Tax automatically includes it.
IRS Schedule 1-A https://www.irs.gov/pub/irs-dft/f1040s1a--dft.pdf
Need to see it?
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/preview-turbotax-online-return-filing/L77WCkvnu_US_en_US?uid=m681fkhr
If you are not getting the senior deduction it is because
Your date of birth in MY INFO shows that you were not 65 by the end of 2025
Your income is too high
You are filing married filing separately
a month ago
Turbo Tax can’t seem to find a solution
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a month ago
Form 5695 QMID issues with Weil McLain number format
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a month ago
From TurboTax - Where's Form 8949?
Form 8949 (Sales and Other Dispositions of Capital Assets) records the details of your capital asset (investment) sales or exchanges. Part I of the 8949 shows ...
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From TurboTax - Where's Form 8949?
Form 8949 (Sales and Other Dispositions of Capital Assets) records the details of your capital asset (investment) sales or exchanges. Part I of the 8949 shows the short-term transactions (held less than a year) and Part II shows the long-term transactions.
When you enter investment sales or exchanges from Form 1099-B, 1099-DA, or 1099-S in TurboTax, we'll automatically fill out Form 8949 and transfer the info to Schedule D.
Capital gains and losses (Form 8949), manual navigation path:
Tax Home
Federal
Wages & Income
Investments and Savings
Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B, 1099-DA)
Form 4797 is populated after you enter the sale of a business property resulting in ordinary income treatment. You can navigate directly to enter a transaction via:
Tax Home
Federal
Wages & Income
Other Business Situations > Sale of Business Property
You may also enter relevant sales in other interview screens under Wages & Income (depending on the nature of the business and property sale) including:
Rental, Royalties, and Farm
Investments and Savings
Self-Employment
S-Corps, Partnerships, and Trusts
Less Common Income > Installment Sales
See also:
IRS - About Form 4797, Sales of Business Property
a month ago
Thanks, but there are no options available under "Tax Tools." I am signed up for "Do It Yourself - Premium," but have not been prompted to pay yet. Are those Tools hidden until I pay??
a month ago
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a month ago
I am sorry it is Box 5
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a month ago
You cannot use the license code to pay for using online TurboTax.
We see people get confused and they keep logging in to online software which will require them to pay at the end. You nee...
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You cannot use the license code to pay for using online TurboTax.
We see people get confused and they keep logging in to online software which will require them to pay at the end. You need to use the desktop software. One way to tell if you are using the right software---your tool bar. Online software has the toolbar in a black vertical column on the left side of the screen. Desktop software has the tools up on the top of your TT screen.
You appear to be posting from online software instead of the desktop download software that the license code is for. If you are using online, you are using the wrong program. You need to switch to the desktop software to get what you paid for. You have to download it, update it and open it up from your own hard drive to use it.
https://ttlc.intuit.com/community/choosing-a-product/help/how-do-i-switch-from-turbotax-online-to-the-turbotax-software/00/26129
a month ago
It is expected to be available next week with the end of the week updates (which typically occur on Thursday nights), so please check back at the end of next week.
We understand the importanc...
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It is expected to be available next week with the end of the week updates (which typically occur on Thursday nights), so please check back at the end of next week.
We understand the importance of these forms, and the developers are working hard to roll out the updates.
a month ago
I gave the agent I was on the phone with the token number, there was still no resolve and everyone I have talked to has been totally bewildered with no advice. After a week of messaging, calling and...
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I gave the agent I was on the phone with the token number, there was still no resolve and everyone I have talked to has been totally bewildered with no advice. After a week of messaging, calling and getting no where, the final agent told me I needed to purchase the TurboTax software and said it would work that way. I am not taking the chance. I have gone with a different company, was done with my taxes in a couple hours with no issues whatsoever, at less than half the price of turbotax. My taxes are now filed and complete. Very doubtful that I will return to TurboTax over this issue, you would think a company so large that makes so much money off of their customers would have tried a little harder to find resolution. There are many others having the same problem.
a month ago
I can not finishyne-file return on my 2024 taxes
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a month ago
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a month ago
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a month ago
You cannot change or add anything on the return that you just e-filed, nor can you stop it. It is too late, just like when you put an envelope in a US mailbox on the corner. The IRS does not allow ...
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You cannot change or add anything on the return that you just e-filed, nor can you stop it. It is too late, just like when you put an envelope in a US mailbox on the corner. The IRS does not allow you to take it back.
If you left out a W-2, a 1099G, or a dependent, or a 1099 etc…DO NOT change your return while it is “pending.” The changes will go nowhere.
Now you have to wait until the IRS either rejects or accepts your return. If your return is rejected, you will be able to go into your account and make the necessary changes to your tax return and re-submit your return.
If the IRS accepts your return, however, then you have to wait longer until it has been fully processed and you have received your refund. THEN you can prepare an amended tax return and e-file or mail it in. You have to be able to work from that return exactly the way it was when it was e-filed originally. You will need to use a form called a 1040X.
Meanwhile, DO NOT go in and start changing anything on your return in the system, or you will make a mess for yourself. Sit tight and wait until you see what the IRS does with the return you just e-filed
The Form 1040X is scheduled to be available on February 19. The date is subject to change, so check on 2-19 to see if it is ready. Before that, do not change anything at all on your return.